Reply to Shocked at how many families in nice DMV neighborhoods are living in relatives' homes

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Meritocracy is out and inheritance is in is the message from OP.[/quote]
OP is just jealous and doesn’t seem to have a clue about how the world works. [/quote]

I disagree.
She is answering the frequently asked question of “how are young people affording this crazy house prices.”[/quote]

I moved here in the early 80s and young couples couldn't afford anything more than a townhouse a long commute away or a condo you'd never make money on close in. We all had to wait to move up in our jobs to save money for the down payment. Once we got on the property ladder we were able to move up.

What type of house are you talking about affording op? Clearly you get to skip living in a townhouse 1.5 hours in rush from your house because you are more special than the rest of us. [/quote]

And I walked ten miles to school every day, in waist-high snow, without any shoes ...

C'mon. Stop it with this boomer nonsense. Sure, there is entitled stupidity rolling off of the OP, but you sound stupid too. [/quote]

I’m an older millennial and started out in a starter home a good 10 miles outside the beltway. That starter place was 550k and we were able to save up to make the jump to a closer in home for 800k 6 years later at a 2.75% rate. 4 years later that house is now worth $1.2M and rates are more than double. I couldn’t afford to buy my own house now despite being 15 years into my career.

Most trying to buy the first home today can’t save faster than inflation/interest rate increases. So it’s a) hard to even get on the property ladder and b) there’s no guarantee they’ll ever save enough to move up if people with low rates stay put and inventory is low. So whatever they buy now should be somewhere they’re ok for long-ish term.

It’s so totally disingenuous to compare the market of the 1980s or even the 20-teens to today. The ship has sailed on most sought after close-in neighborhoods near DC.

I guess if you’re willing to take a gamble on somewhere with higher crime rates and poorer performing public schools, maybe that will pay off. But the fact those places are still affordable even after rapid appreciation elsewhere is a sign these may not be up and coming.[/quote]

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